Startup tactics: Launching and scaling efficiently on a limited budget

Launching a startup company without a budget is possible with the right approach. Accomplish your goals by choosing the right type of business, maximizing efficiency, and using innovative tactics to scale your business. Here are some tips to get you started.

Getting started

If you want to start a new business but feel overwhelmed or like there’s no way you can succeed; you may be experiencing imposter syndrome. That’s when you doubt your skills so much that you feel you’ll be exposed as a fraud.

One way to get past these feelings is to approach entrepreneurship from the right angle. Begin by researching companies you can start with little money. Not every operation requires factories and huge manufacturing budgets. Instead, consider something you do online, such as starting a graphic design service or a website design company. If you have your own tools, you could consider a mobile car wash, pool cleaning services, or a delivery company with very little overhead.

If you require some funds to get started, you may be tempted to take out a loan, but be careful. The last thing you want to do is get into a debt you can’t easily pay. Instead, the first step to starting a home-based business may be to fund your company from your savings or to get help from friends and family. Just be sure to get any agreement you make in writing.

Choosing where to work

A great way to ensure that you can get your business moving on a limited budget is to cut out the cost of an office. If your company only requires a computer and an internet connection, you can work from almost anywhere.

A space that many people forget about is the garage. It may take some work—especially if your garage needs insulation—but you can turn the space into a home office. Start by clearing out the clutter, ensuring that you have an electrical connection for your computer and devices, and adding some efficient LED lighting that will allow you to work without the high utility bills. As your business grows, you could put more desks in the space and continue to keep your costs to a minimum. If you don’t have room in your garage but your staff continues to grow, you also could take advantage of virtual or co-working spaces, or offer remote work options.

Finally, remember that you don’t necessarily need to be in the middle of the action to network and continue to scale your business. You can make connections from where you sit by networking on sites like LinkedIn or connecting with alumni groups from your college.

Scaling your business

Once your business has been established and you have some success, you can start to think about growing your enterprise. One fundamental piece of all successful small business operations is solid employees. Find the people with the right skills and competencies necessary for your work, and you could accomplish more work with a smaller staff.

Another way to do more with less is to automate processes that don’t require a human touch. Software and tools can automate your scheduling, accounting processes, and team member onboarding. For project management, use sites like Monday.com and Asana.

Marketing is critical to corporate growth, which you can approach even if you’re on a budget. By sending marketing emails, communicating over social media, and reaching out to local businesses, you can get your company into the minds of consumers. Putting out quality products and creating positive word-of-mouth could be all you need to succeed.

Don’t forget about your insurance needs

If you decide to run your company inside or outside your home, talk to your independent insurance agent, who can advise you about the different types of insurance policies that you will need to protect your business and yourself.

Basic insurance needs for businesses. There are several insurance policies you may need to consider for your company, including: general liability, professional liability, business income coverage (also called business interruption insurance), commercial property, workers’ compensation, commercial auto, data breach and employment practices liability. Your company also may have specific insurance needs that your independent insurance agent may be able to help you identify.

Home businesses have unique insurance needs. If you run a company out of your home, remember that a standard homeowners insurance policy does not cover losses from a home-based business. The proper coverage for an at-home business may be as simple as adding a home business endorsement to an existing homeowners policy. Your independent agent should be able to advise you about your insurance needs.

Conclusion

You can launch and scale your business with the smallest of budgets in many ways. Consider the tips discussed here and watch your company thrive.